Tether Invests $1.5 Million in Sorted Wallet to Drive Financial Inclusion in the Emerging Markets
Tether is trying to help more people get involved in financial activities by investing $1.5 million in Sorted Wallet, a service that works on extending cryptocurrency access using normal mobile phones to people who live in emerging markets. The investment is one of the many activities the company pursues in the quest for innovative solutions to close the chasm in financial inclusion.
What is Sorted Wallet?
Sorted Wallet is a unique gateway to the use of cryptocurrency by inhabitants in the underdeveloped areas where no conventional banking systems are available. It can be installed on even the most basic mobile phones, hence allowing clients to store, send, and receive crypto without the use of a smartphone or access to the internet. Most importantly, users do not give Sorted Wallet control over their money. For this reason, this wallet is highly secure from all targets developing in areas.
The Relevance of Cryptocurrency for Emerging Markets
Traditional banking is limited in most areas of Africa and Southern Asia, where the local currency is oftentimes unstable. Cryptocurrency has become a vital tool for the people of these regions to facilitate cheaper, faster, and more secure payments and value storage compared to what was possible before. This has also offered an alternative to traditional banking that often is prohibitively expensive or just unavailable.
Tether’s Commitment to Financial Inclusion
According to Tether’s chief executive officer, Paolo Ardoino, the investment is about doubling down on expanding financial services to traditionally underserved communities.
By supporting Sorted Wallet, we open new ways to include owners of basic mobile phones into the financial fold. We are committed to ensuring that no matter the location or model of one’s phone, everyone can safely store, send, and spend cryptocurrency to enable the building of a brighter financial future and full participation in the growing digital economy.”
Greater Strategy for Scale
The move comes after Tether recently invested $18.75 million in cross-border crypto exchange XREX, in a bid to back USDT-based payments within emerging markets. The XREX is working towards improving cross-border business payments and also announced a plan to partner with the Unitas Foundation to launch a gold-backed stablecoin.
While Tether’s latest investments reflect not only its more extensive strategy of gaining greater influence in areas like Eastern Europe and the UAE, they also call for dedication to creating the best conditions for financial inclusion through innovative crypto solutions.
Conclusion
Sorted Wallet’s $1.5 million investment from Tether means a giant leap toward closing the financial gap in developing markets. The company is working to build an inclusive financial system for those who most need it, by allowing access to cryptocurrency on even the most basic mobile phones.
